Shell raises pump prices as oil creeps up


With the changes, Shell's fuels are now the costliest in town. - ST

SINGAPORE (The Straits Times/Asia News Network): Just days after Caltex retracted its pump price increases, Shell has raised its diesel rate by five cents a litre and its petrol prices by three cents.

According to Fuel Kaki, a pump price tracker set up by Consumers Association of Singapore, Shell made its adjustment on Thursday (Oct 6) afternoon.

With the changes, Shell's fuels are now the costliest in town, with the posted price for diesel at $2.79 a litre, 95-octane petrol at $2.79, 98-octane at $3.28, and its so-called premium 98-octane at $3.50.

Shell's adjustment came as oil prices reversed a month-long downward trend after major oil-producing countries agreed on Wednesday to cut production from November.

Al Jazeera reported that the Organisation of the Petroleum Exporting Countries (Opec) decided to cut supply because of "uncertainty that surrounds the global economy and oil market outlooks", and that it was acting to stabilise prices.

CNBC reported that the US has lashed out at Opec's decision, calling it "shortsighted".

The benchmark Brent crude closed at US$94.42 a barrel on the Intercontinental Exchange Europe on Thursday, up from US$89.32 last Thursday.

RBOB Gasoline, a proxy for wholesale petrol, closed at US$2.68 a gallon on the New York Mercantile Exchange on Thursday, up from US$2.58 last Thursday.

Unlike Caltex's increase last week which was not followed by other operators, Shell's move may well trigger an industry-wide price adjustment over the weekend.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Singapore , fuel , prices , Shell

   

Next In Aseanplus News

Asean news headlines as at 9pm on Wednesday (Dec 7)
GE15: BN candidate Johari retains Tioman state seat
South Korea may lift indoor mask mandate in January
Bomb dropped on Myanmar monastery using drone
World Bank says Cambodia's economy recovering well in post-pandemic era
59 couples exchange marital vows in Philippine mass wedding
New global platform to enhance transparency of carbon markets rolled out in S’pore
Cambodian justice ministry responds to social media outrage in drunken driver case
Vietnam shifts gears on arms trade as it loosens ties with Russia
‘Laos will not slide into default’, PM assures National Assembly

Others Also Read